NCJAR News
If you’re financing your home purchase, one critical step between signing the contract and closing the deal is the home appraisal. Here’s what you need to know about this essential process:
What is an Appraisal?
An appraisal is an unbiased assessment of a home’s market value conducted by a licensed or certified residential appraiser. This professional judgment ensures that the agreed-upon purchase price aligns with the property’s value, protecting both you and your lender. Appraisers are independent third parties hired by the lender, and they are not influenced by either the buyer or the seller. They follow a strict set of standards, and appraisers who are REALTORS® are also bound by the REALTOR® Code of Ethics.
Do I Need an Appraisal?
If you’re using a mortgage to finance your home, your lender will typically require an appraisal to determine the loan-to-value (LTV) ratio—the percentage of the home's price that you’ll borrow. Lenders usually prefer an LTV ratio of 80% or less, as higher ratios pose greater financial risks. If you’re paying in cash, an appraisal is optional but still valuable for confirming the property’s worth. In some cases, lenders or buyers may waive the appraisal requirement to strengthen their offer or expedite the process.
What Factors Do Appraisers Consider?
Date: Thursday, December 19, 2024
Time: 12PM-1:30PM
Location: Online Webinar
In today’s evolving real estate market, understanding the appraisal process and staying compliant with new industry regulations is essential. Join us for this exclusive webinar, led by industry experts Isabelle Perkins and Michelle Bradley, and gain the tools, skills, and insights to thrive in the competitive real estate landscape.
What You’ll Learn:
The New Jersey Real Estate Commission (NJREC) offers a Continuing Education (CE) exemption for brokers and broker-salespersons licensed for 40 years or more. This exemption applies for the CE term from July 1, 2023, to June 30, 2025, and simplifies the license renewal process for experienced professionals.
To qualify for the exemption:
- You must have been licensed as a Broker or Broker-Salesperson for 40 years or more.
- Licensure as a salesperson for 40 years does not count toward the exemption.
- Licensing history from other states may also qualify if it is substantially similar to New Jersey broker or broker-salesperson roles.
Eligible licensees must complete the "Application for Continuing Education Exemption Based on Licensure as a Broker or Broker-Salesperson for 40 Years or More" and submit it along with any required documentation. Applications must be sent to the NJREC by March 15, 2025, via mail, email, or fax. If relying solely on New Jersey licensing history, no additional documentation is needed. However, applicants using licensing records from other jurisdictions must provide a certified license history and supporting documents.
This exemption eliminates the need for completing CE requirements for the 2025 license renewal but requires timely application submission. For questions or assistance, contact the NJ Real Estate Commission at (609) 292-7272 or email
As we wrap up 2024, NCJAR Immediate Past President Jerry Tuscano wants to remind all members about the December 31st deadline for the NAR Code of Ethics training—let’s uphold the standards that set us apart!
Don't forget to join NCJAR for a Holiday Networking Social on Wednesday,December 18th at Swahili Village in Newark—don’t miss the food, fun, and connections!
A warm welcome to David of Elite Green Carpet Cleaning, our newest NCJAR affiliate member.
